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LPL Financial restricts the purchase of all leveraged Exchange Traded Funds (ETFs), Exchange Traded Notes (ETNs), and mutual funds (including all inverse leverage products) within LPL brokerage accounts. Short sales of all leveraged products also will be restricted in LPL brokerage accounts.

These leveraged products have unique attributes that make them much more complex than traditional, non-leveraged ETFs, ETNs, and mutual funds. In most cases, they are designed to achieve their stated investment objective only on a daily basis, and as a result, performance may vary significantly from the underlying index when held for more than a day, especially during times of volatility.

This policy does not require existing holdings of these leveraged ETFs, ETNs and mutual funds to be liquidated or take any other action.